Wednesday, April 17, 2024

ECONOMY | 03-10-2023 17:24

Private study says food prices in Argentina surged almost 13% in September

Food prices increased by 12.8% on average in September, according to a new private study; Some items like sugar have soared by more than 280% in last year, reports Focus Market consultancy firm.

Food prices in Argentina increased by 12.8 percent on average in September, according to a new private study.

Some staple items, such as sugar, have recorded a 289-percent cumulative increase year-on-year, the report by the Focus Market consultancy firm found.

The report, which focuses on more than 680 products from different brands, shows that all listed mass consumption categories recorded two-digit rises last month in the wake of the August devaluation of the peso. In addition to food, sharp increases were also seen in beverages (11.8 percent), personal care items (15.3 percent) and cleaning products (17.8 percent), said Focus Market.

“In two months, the devaluation of the official rate in August was eaten whole by inflation. We have a very high price variation despite the exchange rate anchor of 365 pesos and the frozen fuel, health insurance, public transport, medication, electricity and gas rates,” said Damián Di Pace, the consultancy firm's director.

The study revealed the top 10 products that recorded the largest items in September (when compared to August): mashed potatoes, 27.4 percent; wines, 23.3 percent; eggs, 22.9 percent; tinned fish, 22.7 percent; snacks, 21.9 percent; bleach, 21.6 percent; sweeteners, 21.6 percent; tea, 21.6 percent; beauty soap, 21.2 percent; and salt, 20.8 percent.

The items which increased the most year-to-year (September to September) were: sugar, 289 percent; snacks, 228.5 percent; sweeteners, 227.2 percent; beer, 221.2 percent; fabric softeners, 205.8 percent; rice, 199.1 percent; powdered juice, 189.2 percent; disinfectant, 187.7 percent; conserves, 187.4 percent; and stock cubes, 187.3 percent.

Meanwhile, the products with the highest cumulative increases in the first nine months of 2023 include: sugar, 267.9 percent; fabric softeners, 162.9 percent; sweeteners,159.4 percent; conserves +158.1 percent; eggs, 157.3 percent; wines, 150.8 percent; bar soap, 146 percent; disinfectants, 137.5 percent; tinned fish, 134.3 percent; and dulce de leche, 133.7 percent.

Most private consultancy firms and market experts estimate that inflation in September was below that registered in August, 12.8 percent, but will still be two digits.



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